'Energy crisis, terrorism, RGST, major threats to economy'

Punjab regional chairman of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Adrees, has termed the energy crisis, terrorism, imposition of reformed GST and double-digit mark up as major threats to the country's economy. He was speaking at a reception for the newly elected presidents of Punjab chambers of commerce and industry and chairmen of trade associations.
He said that the floods have damaged the economy, and suggested that with short term policies it is dire need of time to engineer long term policies. He emphasised the need of building dams and activating the installed IPPs which are closed, besides generating electricity from alternative sources of energy like coal, wind and solar which would provide cheaper electricity to boost industrial production.
He suggested that public opinion must be designed for 'reformed GST' to exploit its real benefits as western countries are doing. "But the present scenario RGST must be delayed for public discussion and concrete consensus," he said and emphasised to extend tax network and bring agriculture in this circle.
He also demanded restructuring of FBR to ensure its credibility in the eyes of the taxpayers. He also stressed to exploit natural resources to get maximum revenue. About mark-up rate, he said only single-digit rate of mark-up can relax the industry to run otherwise rate of inflation and price hiking will increase day by day. The government should follow the austerity plan as reducing the numbers of ministers and additional privileges, he added.
About European Union's duty-free list for Pakistani products, the FPCCI regional chairman said that many of these items are non-profitable while most of them are not being manufactured in Pakistan. So, it is required to include those items which can really boost the exports in real sense, he added. Only democratic approach can bring stability in the economy, because imposition of one-sided decisions can blow up the uncertainty in all segments of society, he added.
Adrees congratulated all the newly elected office-bearers of the chambers and trade bodies. Saarc Chamber of Commerce and Industry vice president Iftikhar Ali, Lahore Chamber of Commerce and Industry (LCCI) president Shahzad Ali, FPCCI vice presidents Hameed Akhtar Chadda, Aftab Ahmad Barlas also spoke on this occasion. Presidents of chambers of commerce and industry of different cities were also present.